– Bea Mountain’s Over $1 Billion Annual Gold Revenue Baffles Liberians
By Jerromie S. Walters
GRAND CAPE MOUNT COUNTY, Liberia – A site visit to the Bea Mountain Mining Company over the weekend has ignited renewed debate over Liberia’s share of its mineral wealth, after company officials disclosed monthly gold production figures that translate to an estimated US$1.64 billion in annual revenue.
During the visit on Saturday, Bea Mountain officials informed Vice President Jeremiah Kpan Koung Sr. that the company produces approximately 900 kilograms of gold every month—nearly one metric ton. With one kilogram of gold currently trading between US$152,000 and US$153,000 on the international market, the monthly output is valued at roughly US$135 million, based on a conservative estimate of US$150,000 per kilogram. Over 12 months, that amounts to US$1.62 billion.
The revenue figures were provided directly by the company, not by a government monitoring agency or third-party evaluator, according to sources present during the briefing. While Bea Mountain’s operational expenses would reduce its net earnings, observers note that even after deducting costs, substantial profits remain.
However, the visit also drew attention to labor practices at the mine. No Liberian worker was observed in the gold smelting room during the tour, a situation that sources said has been consistent over time. Montserrado County Senator Abe Darius Dillon responded sharply to the developments, criticizing what he described as the systematic exclusion of Liberians from skilled positions at concession
companies.
In a statement via his official Facebook page, Dillon noted that Bea Mountain, like many other firms operating under concession agreements, employs foreign nationals as carpenters, welders, electricians, nurses, drivers, cooks, accountants, comptrollers, and plumbers. “This is sad because the Government, by and through the Ministry of Labor, finds it ‘OK’ to issue thousands of work permits to non-Liberians for these private sector jobs that Liberians are qualified, competent, and available to do,” Dillon said.
He added that speaking out against such practices has led to accusations of being “anti” a particular county. “How does fighting for jobs for citizens across the entire country turn into being ‘anti’ one county?” he asked. Dillon called on government officials to summon the political will to address the issue, stating, “We have the power and authority in our hands.”
The matter has also drawn in Senator Nya D. Twayen of Nimba County, a lead campaigner on concession compliance at the Senate. Twayen questioned why the gold from Bea Mountain cannot be weighed in Liberia rather than in London. “The answer I got was nonsense,” he said, declining to elaborate further.
Nathaniel F. McGill, Senator representing Margibi County, says he has reviewed the financial structure of the company’s tax payments and revenue distribution, and he presented his findings as subject to verification by the Ministry of Finance and the Liberia Revenue Authority (LRA). McGill then provided a detailed breakdown of how revenue from Bea Mountain Mining Corporation is distributed between the company and the Government of Liberia.
According to McGill’s figures, based on a total revenue of 1,000 units (representing 100 percent of earnings), the government first collects a three percent royalty, which amounts to 30 units. This leaves 970 units as remaining revenue. From that amount, the company deducts 540 units for the cost of business, including what McGill labeled as AIS costs. The government then collects 60 units from withholding taxes and other fees and levies, including Nascorp fees.
After these deductions, the net profit stands at 370 units. The government then applies a 25 percent corporate tax on that net profit, which yields 92.5 units. This leaves a profit after tax of 277.5 units. From this amount, the government takes an additional 10 percent as the government and community share, which amounts to 27.75 units.
The remaining gross dividend is 249.75 units. The government then applies a five percent withholding tax on dividends, which equals 12.4875 units. After all deductions, the net dividend retained by Bea Mountain Mining Corporation is 237.2625 units, rounded to 237.3 units. The total government share from all taxes and fees, McGill indicated, amounts to 222.7 units.
Summarizing the final distribution, McGill presented an EBITDA-based calculation showing that out of 460 units, Bea Mountain retains 237.3 units, or 52 percent, while the Government of Liberia receives 222.7 units, or 48 percent of the total.
McGill reiterated that all of these figures are subject to official verification by the Ministry of Finance and the Liberia Revenue Authority. He called for greater scrutiny of concession agreements to ensure that the Liberian people receive a fair share of the country’s mineral wealth. Also, he emphasized that Liberians deserve greater transparency and accountability in these matters.
For Amin Modad, former Minister of Commerce and Industry and former Chairman of the ruling Unity Party, his issue with Bea Mountain has always been about fairness and national benefit. Modad acknowledged that the company is in business to make a profit, but he described its contributions to the government and the Liberian people as inconceivably and mind-bogglingly inequitable.
He explained that while Bea Mountain was granted significant investment incentives under the previous administration, his ministry observed that the company was not contributing fairly to the Liberian economy. Beyond concerns about how the company is audited and the disparity between its net profits and the percentage paid to the government, Modad said nearly 90 percent of Bea Mountain’s consumables were being imported. These imports included basic goods that were readily available in Liberia, such as eggs, soap, detergents, oils, honey, meat products, other foodstuffs, and building materials.
As Minister of Commerce and Industry, Modad said he took a firm position that concessions and incentives are granted not only to support a company’s operations but also to generate a trickle-down impact, including fair revenue sharing, job creation, infrastructure development, stimulation of the domestic economy, and empowerment of Liberian businesses, particularly within concession communities. He said his ministry therefore denied permits for such imports and pushed for increased local sourcing. After sustained resistance, Modad said the company complied, and measurable positive impacts on domestic trade followed.
Modad said further concerns arose when Bea Mountain attempted to move into manufacturing, first with bottled water, which displaced an existing Liberian supplier, DUCOR Water, and later with the opening of a cement factory. In each case, Modad said his ministry made it unequivocally clear that the company’s core mandate was mining, not manufacturing or sectors where Liberian businesses already operate or could be empowered to grow. He said they insisted on genuine partnerships with Liberian-owned companies and even offered to mediate on pricing and quality to support local suppliers.
Moreover, Modad stated that his position remained consistent despite pressure from all sides, because Liberia must derive equitable value from its natural resources. He said large-scale gold extraction cannot coexist with limited local participation and minimal domestic economic impact, and that this approach was aligned with President Joseph Boakai’s ARREST Agenda and instructions.
Recalling a specific confrontation, Modad said he sent a stern communication to Bea Mountain on October 6, citing them to a conference and making clear that they would not operate the cement factory. Shortly thereafter, Modad said, coupled with his attempt to open the market for various products, a well-oiled smear campaign and false allegations emerged against him. He noted that his decision to halt the company’s imports made him enemies within what he called the mining cartel. “They came after me and the rest is history,” Modad said, responding to a comment from Dr. Adam M. Dorley, who had earlier noted that Modad’s decision to halt imports had made him enemies.
Meanwhile, exiled Liberian Martin Kollie accused some lawmakers of hypocrisy, noting that the same legislature had previously approved a long-term mineral development agreement with Arcelor Mittal extending to 2050. “You signed a very bad MDA that gave Arcelor Mittal up to 2050. But now pretend that you did not sign Bea Mountain’s,” Kollie said. He added that only three senators—Nya Twayen, Duncan Crayton, and Francis Dopoh—did not sign the Arcelor Mittal agreement.
Adding his voice to many others, Mohammed Ali, Managing Director of the Liberia Water & Sewer Corporation (LWSC), called for a fundamental reassessment of the Bea Mountain concession. Speaking as a native of Grand Cape Mount County, Ali said his frustration has never been about politics but about justice, dignity, and the future of his people.
“At this stage, blame-shifting does nothing for us,” Ali said. “What Liberia needs now is a full, transparent review of that concession, with the clear intention of renegotiating it in favor of the country and the affected communities.” Ali directly challenged the principle of contract sanctity when a deal proves harmful. “The idea of ‘sanctity of contract’ cannot be used as a shield when a contract is harming the very people it should benefit,” he stated. “No agreement is sacred when it undermines national interest, environmental safety, or community wellbeing.”
He urged the government to move beyond finger-pointing and take decisive action. “We no longer have the luxury of pointing fingers. We now have the authority, and the responsibility, to correct what is wrong,” Ali said. “The path forward is simple: review, reform, and realign the concession so it serves Liberia, not the other way around.” He added that the Legislature and the Executive must now act to review the Bea Mountain concession, as well as all other concessions that do not serve the best interest of the country.
Bea Mountain Mining Corporation, a subsidiary of Avesoro, operates the New Liberty Gold Mine in Kinjor, Grand Cape Mount County. The company has supported community projects in the area but faces ongoing scrutiny over environmental pollution, revenue transparency, and the distribution of benefits to local communities.
The New Liberty Gold Mine remains the company’s flagship asset. Avesoro is a privately owned mid-tier gold company. As of April 2026, Bea Mountain continues to produce approximately 900 kilograms of gold per month, keeping the spotlight on Liberia’s ability to ensure that its natural resources translate into tangible benefits for its citizens.
As of January 30, 2026, the Liberian Senate concurred with the House of Representatives to ratify the Third Amendment to the Mineral Development Agreement (MDA) between the Government of Liberia and ArcelorMittal Liberia (AML). This amendment extends the agreement through 2050 and is expected to unlock a $200 million USD signature bonus upon the President’s final approval. Liberia possesses significant mineral wealth, traditionally dominated by iron ore, gold, and diamonds.
A major 2026 geological survey funded by China identified new deposits of lithium, cobalt, nickel, zinc, silver, and uranium, signaling a shift beyond traditional exports. A China-funded mineral survey has also identified significant new deposits across Liberia, including lithium, neodymium, cobalt, nickel, zinc, uranium, and silver. Launched officially in late 2024 and highlighted in early 2025, it came as the first comprehensive geological mapping of the country in over 50 years. The findings are estimated to have a potential investment value of up to $3 billion. However, Liberia remains among the fifteen poorest countries in the world.
